The West found itself immersed in the damage caused to its economic and health systems by the pandemic since early months of 2020.
For emerging markets in Asia and Latin America, it seems the disease managed to infect their economies even before a full-blown health crisis descended upon them.
Facing double crisis in a spaced out but rapid manner, these economies found themselves in the eye of a storm. Investors have pulled out over $83 billion from emerging markets since the beginning of covid-19 outbreak, recording the largest capital outflow ever.
The slump in crude oil prices dragged down prices of other commodities, which are the bread and butter of many developing economies, and put a halt to their business activities.